House Independent Bloc Leader Rep. Martin Romualdez of Leyte on Tuesday welcomed the move of the House committee on ways and means to approve next week the consolidated measure lowering individual and corporate income tax rates as a show of compassion to the working class.
Romualdez made the statement as Marikina City Rep. Miro Quimbo, the panel chairman, said that his committee will soon report out the consolidated bill on the topic after 11 hearings.
“We rally behind the passage of the measure because this is something that will help many workers. This is our malasakit [compassion] to them,” said Romualdez.
Quimbo said his panel is eyeing the passage of the measure on third and final reading in October.
“We are eyeing to approve the bill next week at the committee level and approve it in the final reading in October,” Quimbo, one of the authors of the consolidated measure, said.
The proposee measure seeks to revise the income taxes for compensation income earners, self-employed and professionals, and corporations through simplification of tiers and rates, and indexation to inflation.
“Tax brackets have remained unchanged since 1997 and have not been adjusted to inflation. And because workers’ salaries have been adjusted for inflation but tax brackets remain frozen, a vast number of workers have been pushed to higher brackets thus paying higher tax rates,” Quimbo said.